Comments
BluSmart Mobility, an EV ride-hailing service and EV charging superhub infrastructure operator, is raising $25 million in a pre-Series B round at a valuation of $250 million.
The pre-Series B round investment opportunity closes in fourth week of June, said Punit Goyal, co-founder, BluSmart.
“He round is seeing participation from BluSmart founders, existing investors and external investors including – a global climate and infrastructure fund, some global leaders, leading family offices and some founders of India’s largest start-ups.,” said Goyal.
It is backed by BP Ventures, Survam Partners, Mayfield India Fund, 9Unicorns (now 100Unicorns), JITO Angel Network, Green Frontier Capital, Stride Ventures, Alteria Capital and BlackSoil, among others.
BluSmart claims to operate more than 4,400 EV chargers spread across 36 EV charging superhubs. The firm also reached a milestone of adding 7,000 electric vehicles (EVs) to its fleet.
Founded in 2019 by Anmol and Puneet Jaggi along with Punit Goyal, BluSmart takes on the duopoly of Ola Cabs and Uber which follow an on-demand model.
Recently, the company announced that it has crossed Annual Run Rate (ARR) of ₹500 crore ($60 Million) achieving 102 per cent growth over previous year. BluSmart’s gross business value (GBV) witnessed phenomenal growth, delivering a CAGR of 300 per cent over the last three years and is well poised for continued growth.
The company has posted more than ₹390 crore in revenue in fiscal 2024, compared with about ₹160 crore in FY23.
BluSmart also raised $25 million in a mix of debt and equity in January this year from Zurich-based climate finance firm ResponsAbility.
The company aims to reach 10,000 EV fleet by the end of 2024. BluSmart is also entering the Dubai market and is ready for an official launch in the first week of June.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.